UPDATE 1-Apax Partners says to sell stake in Italy's Banca Farmafactoring

April 2, 2015 6:13 PM

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April 2 (Reuters) - Funds advised by Apax Partners have agreed to sell their stake in Italian bank Banca Farmafactoring SpA to an affiliate of investment management firm Centerbridge Partners LP, the private equity firms said on Thursday.

The deal was done at 7.1 times Banca Farmafactoring's net income for 2015, a person familiar with the situation said.

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